Old Mutual Private Equity buys stake in Honoris; Actis exits
Old Mutual Private Equity has agreed to acquire a majority stake in Honoris United Universities.
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Old Mutual Private Equity (OMPE), a unit of Old Mutual Alternative Investments, has agreed to acquire a majority stake in Honoris United Universities, the pan-African private higher education group. The deal sees Actis exit its investment in the company.
Actis, a global investment firm, launched Honoris to bring together institutions across Africa and expand access to private higher education. The network has more than 100,000 students in 26 cities and includes 16 institutions, ranging from universities to specialised schools and technical and vocational institutes, with both in-person and online teaching.
Chumani Kula, co-head of OMPE, commented: “We are pleased to be investing in Honoris, a world-class private higher education platform. Apart from the attractive investment merits and rationale, we are particularly excited about the sheer positive impact that Honoris is able to make, at scale, in its admirable mission of providing a pathway to employability to so many learners through the provision of high-quality tertiary education that is both affordable and accessible. We look forward to partnering with a strong management team as it continues to play a market-leading role in the private higher education sector across the continent.”
Honoris group CEO, Dr. Jonathan Louw, commented: “As we transition our partnership from Actis to OMPE, our mission of Education for Impact remains unchanged. We will continue to increase access to quality education that transforms the lives of our students and their communities. I’d like to take this opportunity to thank all our faculty and staff for their focus on student centricity whilst reaching new heights to realise Africa’s potential.”
Sami Cherif, director at Actis, added: “Over the past decade, we've proudly built Honoris into the largest pan-African private higher education platform, partnering with like-minded founders and management across the continent. Our goal was to create high-quality universities that equip students with the skills needed in future employment – and we're proud to have achieved that. We've helped shape the future of education in Africa, empowered students, and met the evolving needs of employers. We look forward to seeing Honoris continue to thrive under Old Mutual Private Equity's ownership.”
Financial terms of the transaction are undisclosed. The transaction remains subject to customary regulatory approvals.
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